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With the tech world obsessed about Apple and LinkedIn, 2 startups are quietly shutting down
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While the tech world is fawning over Apple's WWDC conference — or still recovering from the shock of Microsoft buying LinkedIn — startups are slipping out bad news during the busy news cycle.
On Monday, Storehouse and ThinkUp announced that they're shutting down.
Storehouse, an app that helped people build and publish their own stories, will shut down on July 15, according to a company blog post.
"While we are very proud of what we accomplished, we were unable to achieve the type of growth necessary to justify the continued operation of the service," its CEO, Mark Kawano, wrote.
The startup had raised $8.5 million from investors, including SV Angel, True Ventures, and Sherpa Capital.
ThinkUp will shut down on July 18, according to its farewell post by CEO Anil Dash. The company would analyze users' Facebook and Twitter connections to draw insights about their social networks, but it struggled after Facebook and Instagram limited API access.
"There have been significant changes from Instagram, Twitter and Facebook that make it too hard for us to keep the service running, especially since we've been struggling as a business. We're sorry, and we're going to try to handle this shutdown the right way," Dash wrote in a Medium post.
Other startups facing a tough funding environment are looking to acquisitions as an out. Move Loot, a Craigslist competitor, is in talks for a "symbiotic" acquisition, the company told Business Insider.
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